What is a Condominium? When most people hear the word “condo” they may think of a single residential tower or maybe a townhouse, but what “condo” really refers to is a specific kind of real estate ownership structure that involves shared ownership of common elements and community decision making. This means that a condo could resemble a park, parking lot, or even an empty field. If you are considering purchasing property in a condo corporation, it is important to... [read more]

Reserve Funds A reserve fund is a fund that condo corporations use for major repair or replacement of common elements and assets as needed. The Condo Act requires that all condo corporations have a reserve fund. Adequate reserve funds and proper use of those funds are critical to maintaining the structural integrity of the condo corporation’s property. Reserve funds may only be used for major repairs and replacements of the common elements and assets of the condo corporation. Condo... [read more]

If you own a condo in Toronto as an investment and you are thinking of selling it, there are several factors you should consider.   Your Investment Goals Think about your investment objective - are you looking for appreciation in value or cash flow? Your cash flow depends upon how much money you have invested, your mortgage payment, costs such as condo fees and property taxes and how much rent you are getting each month. The current market conditions Is it... [read more]

Are you thinking about selling your Toronto condo? The process can be overwhelming, but with the right preparation and guidance, it can also be a successful one. In this article, we'll guide you through the key steps you need to take to sell your Toronto condo, from determining your goals and finding the right real estate agent to setting the right price, preparing your condo for showings, marketing your condo, negotiating offers, and closing the sale. Determining Your Goals Before... [read more]